Barclays Issues Pessimistic Forecast for ACV Auctions (NASDAQ:ACVA) Stock Price

ACV Auctions (NASDAQ:ACVA) had its price objective decreased by investment analysts at Barclays from $8.00 to $7.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s target price would suggest a potential upside of 26.13% from the stock’s previous close.

ACVA has been the subject of a number of other reports. Royal Bank Of Canada raised ACV Auctions to an “outperform” rating in a report on Tuesday, February 24th. The Goldman Sachs Group decreased their target price on ACV Auctions from $13.00 to $10.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Needham & Company LLC restated a “buy” rating and issued a $9.00 target price on shares of ACV Auctions in a research note on Tuesday, February 24th. Bank of America reiterated an “underperform” rating and set a $6.00 price target (down from $16.50) on shares of ACV Auctions in a research report on Thursday, November 6th. Finally, Jefferies Financial Group lowered shares of ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 price objective on the stock. in a report on Thursday, December 11th. Eight equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $11.32.

ACV Auctions Trading Up 13.5%

Shares of ACVA opened at $5.55 on Monday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The stock has a market cap of $966.10 million, a PE ratio of -11.33 and a beta of 1.63. ACV Auctions has a 1 year low of $4.45 and a 1 year high of $17.54. The stock has a 50 day simple moving average of $7.52 and a 200-day simple moving average of $8.51.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings results on Monday, February 23rd. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.10). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The company had revenue of $183.65 million during the quarter, compared to the consensus estimate of $181.96 million. During the same quarter last year, the company earned ($0.16) earnings per share. The business’s revenue was up 15.2% on a year-over-year basis. On average, sell-side analysts predict that ACV Auctions will post -0.07 EPS for the current fiscal year.

Insider Transactions at ACV Auctions

In other ACV Auctions news, CEO George Chamoun bought 31,172 shares of the business’s stock in a transaction on Monday, December 15th. The shares were bought at an average cost of $7.97 per share, for a total transaction of $248,440.84. Following the transaction, the chief executive officer owned 2,618,714 shares in the company, valued at approximately $20,871,150.58. This trade represents a 1.20% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Several large investors have recently bought and sold shares of the business. Alpine Global Management LLC acquired a new stake in ACV Auctions during the 4th quarter worth $88,000. Virtu Financial LLC bought a new position in shares of ACV Auctions in the 4th quarter worth $96,000. Invesco Ltd. boosted its position in shares of ACV Auctions by 11.3% in the 4th quarter. Invesco Ltd. now owns 182,256 shares of the company’s stock worth $1,462,000 after purchasing an additional 18,573 shares during the last quarter. Corient Private Wealth LLC acquired a new stake in shares of ACV Auctions during the fourth quarter worth $89,000. Finally, Mercer Global Advisors Inc. ADV bought a new stake in ACV Auctions in the fourth quarter valued at about $221,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.

ACV Auctions Company Profile

ACV Auctions operates a digital marketplace that connects automotive dealers through a mobile-first platform for wholesale vehicle auctions. The company’s software enables dealers to list, inspect and bid on used vehicles in real time, leveraging smartphone-based condition reporting, high-resolution imagery and data analytics to streamline the buying and selling process. ACV Auctions also offers subscription-based access to its auction platform, supplemental reconditioning services and financing tools designed to help dealers optimize inventory turn and reduce risk.

Since its founding in 2014, ACV Auctions has expanded its technology offerings beyond core auction services to include dealer management integrations, transportation logistics coordination and title management solutions.